Consolidated Edison (ED)
Market Price (11/6/2026): $117.77 | Market Cap: $43.6 BilSector: Utilities | Industry: Multi-Utilities
Consolidated Edison (ED)
Market Price (11/6/2026): $117.77Market Cap: $43.6 BilSector: UtilitiesIndustry: Multi-Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 2.7% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, CFO LTM is 4.0 Bil Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Renewable Energy Transition. Themes include Smart Metering, Grid Automation, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns2Y Excs Rtn is -7.1%, 3Y Excs Rtn is -30% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.9% Key risksED key risks include [1] adverse regulatory decisions in its key New York market, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 2.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, CFO LTM is 4.0 Bil |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Renewable Energy Transition. Themes include Smart Metering, Grid Automation, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -7.1%, 3Y Excs Rtn is -30% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.9% |
| Key risksED key risks include [1] adverse regulatory decisions in its key New York market, Show more. |
Qualitative Assessment
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Consolidated Edison (ED) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Beat Driven by Rate Base Growth.
Consolidated Edison reported robust financial results for its fiscal third quarter ended September 30, 2026, exceeding analyst expectations. The company announced a GAAP net income of $766 million, an 11.3% increase from $688 million in fiscal Q3 2025. Basic earnings per share (EPS) rose 8.4% to $2.07 from $1.91 year-over-year. Adjusted EPS of $2.07 also surpassed the consensus estimate of $2.03. Furthermore, operating revenues reached $4.91 billion, beating analyst estimates of $4.76 billion and demonstrating an 8.4% year-over-year growth. This performance was primarily fueled by a higher electric rate base at Consolidated Edison Company of New York, Inc. (CECONY), which added $62 million to net income compared to fiscal Q3 2025.
2. Narrowed and Confident Full-Year Fiscal 2026 EPS Guidance.
Following the strong fiscal Q3 2026 results, Consolidated Edison's management narrowed its full-year fiscal 2026 adjusted EPS guidance range to $6.05–$6.15 per share, maintaining the midpoint at $6.10. This adjustment from the previous forecast of $6.00–$6.20 signals increased confidence in the company's financial trajectory and brings the guidance precisely in line with the prevailing analyst consensus estimate of $6.10 per share.
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Consolidated Edison (ED) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Beat Driven by Rate Base Growth.
Consolidated Edison reported robust financial results for its fiscal third quarter ended September 30, 2026, exceeding analyst expectations. The company announced a GAAP net income of $766 million, an 11.3% increase from $688 million in fiscal Q3 2025. Basic earnings per share (EPS) rose 8.4% to $2.07 from $1.91 year-over-year. Adjusted EPS of $2.07 also surpassed the consensus estimate of $2.03. Furthermore, operating revenues reached $4.91 billion, beating analyst estimates of $4.76 billion and demonstrating an 8.4% year-over-year growth. This performance was primarily fueled by a higher electric rate base at Consolidated Edison Company of New York, Inc. (CECONY), which added $62 million to net income compared to fiscal Q3 2025.
2. Narrowed and Confident Full-Year Fiscal 2026 EPS Guidance.
Following the strong fiscal Q3 2026 results, Consolidated Edison's management narrowed its full-year fiscal 2026 adjusted EPS guidance range to $6.05–$6.15 per share, maintaining the midpoint at $6.10. This adjustment from the previous forecast of $6.00–$6.20 signals increased confidence in the company's financial trajectory and brings the guidance precisely in line with the prevailing analyst consensus estimate of $6.10 per share.
3. Defensive Sector Rotation Amid Macroeconomic Shifts.
Consolidated Edison, a utility known for its stable, dividend-paying nature, benefited from a broader macroeconomic trend of defensive sector rotation. During the period, investors shifted capital from riskier assets like technology stocks into more stable utilities, especially as long-term Treasury yields remained near recent lows. This rotation was observed as a key factor driving the stock's performance, with the company drawing defensive buying interest.
4. Consistent Dividend Declaration Reinforcing Investor Confidence.
On October 15, 2026, Consolidated Edison declared a quarterly common-stock dividend of 88.75 cents per share, payable on December 15, 2026. This consistent dividend payout reinforces the company's appeal to income-focused investors and highlights its financial stability. The declaration contributed to investor confidence, especially during periods of market volatility when dependable dividend streams are highly valued.
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Stock Movement Drivers
Fundamental Drivers
The 12.5% change in ED stock from 7/31/2026 to 11/5/2026 was primarily driven by a 11.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.97 | 121.44 | 12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,214 | 17,688 | 2.8% |
| Net Income Margin (%) | 12.5% | 12.5% | 0.1% |
| P/E Multiple | 18.2 | 20.2 | 11.1% |
| Shares Outstanding (Mil) | 363 | 369 | -1.6% |
| Cumulative Contribution | 12.5% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ED | 12.5% | |
| Market (SPY) | -1.9% | -18.3% |
| Sector (XLU) | -2.4% | 71.5% |
Fundamental Drivers
The 10.7% change in ED stock from 4/30/2026 to 11/5/2026 was primarily driven by a 4.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.67 | 121.44 | 10.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,917 | 17,688 | 4.6% |
| Net Income Margin (%) | 12.0% | 12.5% | 4.9% |
| P/E Multiple | 19.5 | 20.2 | 3.4% |
| Shares Outstanding (Mil) | 360 | 369 | -2.3% |
| Cumulative Contribution | 10.7% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ED | 10.7% | |
| Market (SPY) | 2.3% | -31.6% |
| Sector (XLU) | -7.0% | 73.4% |
Fundamental Drivers
The 28.8% change in ED stock from 10/31/2025 to 11/5/2026 was primarily driven by a 15.0% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 94.28 | 121.44 | 28.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,154 | 17,688 | 9.5% |
| Net Income Margin (%) | 12.0% | 12.5% | 4.6% |
| P/E Multiple | 17.6 | 20.2 | 15.0% |
| Shares Outstanding (Mil) | 360 | 369 | -2.3% |
| Cumulative Contribution | 28.8% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ED | 28.8% | |
| Market (SPY) | 8.4% | -33.2% |
| Sector (XLU) | -0.8% | 65.6% |
Fundamental Drivers
The 53.2% change in ED stock from 10/31/2023 to 11/5/2026 was primarily driven by a 81.4% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.27 | 121.44 | 53.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,543 | 17,688 | 13.8% |
| Net Income Margin (%) | 15.8% | 12.5% | -20.9% |
| P/E Multiple | 11.1 | 20.2 | 81.4% |
| Shares Outstanding (Mil) | 346 | 369 | -6.2% |
| Cumulative Contribution | 53.2% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ED | 53.2% | |
| Market (SPY) | 81.3% | -14.9% |
| Sector (XLU) | 57.5% | 64.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ED Return | 23% | 16% | -1% | 2% | 15% | 25% | 106% |
| Peers Return | 25% | 1% | -9% | 17% | 14% | 5% | 60% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ED Win Rate | 67% | 58% | 50% | 50% | 58% | 55% | |
| Peers Win Rate | 57% | 52% | 50% | 63% | 62% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ED Max Drawdown | -9% | -22% | -17% | -17% | -14% | -10% | |
| Peers Max Drawdown | -11% | -25% | -24% | -12% | -13% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EXC, PEG, ES, FE, PPL. See ED Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | ED | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.7% | -9.5% |
| % Gain to Breakeven | 18.6% | 10.5% |
| Time to Breakeven | 213 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.4% | -33.7% |
| % Gain to Breakeven | 43.7% | 50.9% |
| Time to Breakeven | 709 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -13.5% | -0.2% |
| % Gain to Breakeven | 15.7% | 0.2% |
| Time to Breakeven | 206 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -27.4% | -53.4% |
| % Gain to Breakeven | 37.7% | 114.4% |
| Time to Breakeven | 193 days | 1085 days |
In The Past
Consolidated Edison's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | ED | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -30.4% | -33.7% |
| % Gain to Breakeven | 43.7% | 50.9% |
| Time to Breakeven | 709 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -27.4% | -53.4% |
| % Gain to Breakeven | 37.7% | 114.4% |
| Time to Breakeven | 193 days | 1085 days |
In The Past
Consolidated Edison's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Consolidated Edison (ED)
Consolidated Edison, Inc. (ED) is a long-standing utility company primarily engaged in the regulated delivery of electricity, natural gas, and steam within the United States. Its core operations supply electricity to approximately 3.5 million customers across New York City and Westchester County, with additional service to southeastern New York and northern New Jersey. The company also provides natural gas to about 1.1 million customers in regions including Manhattan, the Bronx, parts of Queens, and Westchester County, and delivers steam to customers in portions of Manhattan.
Beyond its traditional utility services, Consolidated Edison expands its business by owning, operating, and developing renewable energy and other energy infrastructure projects. It also offers a range of energy-related products and services to wholesale and retail customers, alongside strategic investments in electric and gas transmission projects. The company serves a broad spectrum of clients, including industrial, commercial, residential, and government customers for its electricity services.
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Here are a few brief analogies for Consolidated Edison (ED):
- It's like the AT&T or Verizon of electricity and natural gas for New York City.
- It's like your local water company, but they deliver electricity, natural gas, and steam.
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- Electric Delivery: Provides regulated electric services to residential, commercial, industrial, and government customers.
- Gas Delivery: Supplies regulated natural gas services to residential, commercial, and industrial customers.
- Steam Delivery: Delivers regulated steam services to customers in parts of Manhattan.
- Renewable & Energy Infrastructure: Owns, operates, and develops renewable energy and other energy infrastructure projects.
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Consolidated Edison (ED) primarily serves a wide range of customers, including individuals and various businesses. Based on the provided description, the company sells electricity, gas, and steam to millions of customers. Its major customer categories are:
- Residential customers
- Commercial customers
- Industrial customers
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Timothy P. Cawley, Chairman, President, and Chief Executive Officer
Timothy P. Cawley has served as Chairman of the Board (since January 1, 2022) and President & CEO of Consolidated Edison, Inc. since December 29, 2020. He joined Con Edison in 1987 and has held various leadership positions, including previously serving as president and CEO of Orange and Rockland Utilities, Inc., a regulated subsidiary of Con Edison. Mr. Cawley earned an M.B.A. from New York University and a bachelor's degree in electrical engineering from Union College.
Kirkland B. Andrews, Senior Vice President and Chief Financial Officer
Kirkland B. Andrews is the Senior Vice President and Chief Financial Officer of Consolidated Edison, Inc., a role he assumed effective July 8, 2024. Prior to joining Con Edison, Mr. Andrews was the Executive Vice President and Chief Financial Officer of Evergy, Inc., another regulated utility holding company. He also previously held the position of Executive Vice President and Chief Financial Officer at NRG Energy, Inc., and its publicly-traded subsidiary, NRG Yield. Before his executive roles, Mr. Andrews had a 15-year career in investment banking, including serving as a managing director and co-head of investment banking for the Power & Utilities—Americas group at Deutsche Bank Securities, and with Citigroup Global Markets Inc.
Deneen L. Donnley, Senior Vice President and General Counsel
Deneen L. Donnley serves as Senior Vice President and General Counsel of Consolidated Edison, Inc.
Matthew Ketschke, President, Con Edison of New York
Matthew Ketschke is the President of Consolidated Edison Company of New York, Inc. He joined Con Edison in November 2017 and has also served as Senior Vice President.
Robert Sanchez, President, Shared Services
Robert Sanchez holds the title of President, Shared Services, for Consolidated Edison Company of New York, Inc.
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The key risks to Consolidated Edison's business are primarily centered around its highly regulated nature, the increasing impact of climate change on its infrastructure, and the challenges associated with massive capital investments for system reliability and modernization.
- Regulatory Risks: Consolidated Edison's financial performance and ability to recover costs are heavily dependent on regulatory approvals, particularly for utility rates and proposed capital investments. Changes in energy policies, environmental regulations, or less favorable outcomes in rate case negotiations by the New York State Public Service Commission (NYPSC) or other regulatory bodies could significantly impact the company's profitability and growth prospects. Political risks in New York, including shifts in energy policy, could introduce additional regulatory hurdles. The company's earnings are reliant on state-regulated rate plans, which may not always guarantee a reasonable return on equity, and a failure to secure necessary approvals can affect profitability.
- Climate Change and Extreme Weather Events: Consolidated Edison's energy delivery systems are highly vulnerable to the escalating impacts of climate change, including extreme heat, coastal storm surge, inland flooding from intense rainfall, and hurricane-strength winds. These events can lead to infrastructure damage, operational disruptions, and prolonged customer outages. The company has undertaken extensive studies and developed resilience plans to mitigate these risks, requiring significant ongoing investment to harden its infrastructure against severe weather.
- Infrastructure Reliability and Capital Investment: Consolidated Edison plans substantial capital investments—totaling approximately $72 billion over the next decade, with $37.7 billion committed through 2030—to maintain system reliability, manage growth from electrification, and fortify the grid against extreme weather events. A key risk is the potential for project cost overruns, as well as the challenge of securing regulatory approvals for these extensive capital outlays, which are crucial for cost recovery. Concerns over electricity affordability have led to pushback from customers and elected officials regarding proposed rate increases, creating a delicate balance between necessary investments and managing consumer costs. There are also warnings of potential blackouts in New York City as early as summer 2026 if reliability concerns are not adequately addressed.
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- Increased adoption of decentralized electricity generation (e.g., rooftop solar) by customers, which reduces the demand for electricity delivered via the utility's grid and impacts associated revenues.
- Advancements and decreasing costs of energy storage technologies (e.g., home and grid-scale batteries), allowing customers to store self-generated power or optimize grid consumption, thereby further reducing reliance on traditional utility services and potentially affecting grid management and peak demand revenues.
- Policy-driven and technological shifts towards electrification and decarbonization, particularly away from natural gas use in buildings, posing a long-term threat to Con Edison's substantial natural gas delivery business volumes and potentially leading to underutilized or stranded gas infrastructure assets.
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Consolidated Edison (ED) operates in regulated electric, gas, and steam delivery businesses within specific regions of the United States. The addressable markets for its main products and services can be estimated by the total population and households within its defined service territories.
Electric Services Market (U.S.)
The addressable market for Consolidated Edison's electric services primarily includes New York City and Westchester County.
- New York City: Approximately 8.48 million people residing in about 3.38 million households.
- Westchester County: Approximately 1.03 million people residing in about 371,000 households.
- Total Addressable Market (Electric, excluding less defined areas): Roughly 9.51 million people residing in approximately 3.75 million households.
Gas Services Market (U.S.)
The addressable market for Consolidated Edison's gas services covers Manhattan, The Bronx, parts of Queens, and Westchester County.
- Manhattan: Approximately 1.72 million people residing in about 761,000 households.
- The Bronx: Approximately 1.40 million people residing in about 532,000 households.
- Queens: Approximately 2.32 million people residing in about 816,000 households.
- Westchester County: Approximately 1.03 million people residing in about 371,000 households.
- Total Addressable Market (Gas, excluding less defined areas): Roughly 6.47 million people residing in approximately 2.48 million households.
Steam Services Market (U.S.)
The addressable market for Consolidated Edison's steam services is concentrated in parts of Manhattan.
- Manhattan: Approximately 1.72 million people residing in about 761,000 households.
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Consolidated Edison (NYSE: ED) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily stemming from its role as a regulated utility committed to modernizing its infrastructure and supporting the clean energy transition in its service territories.
Here are 3-5 expected drivers of future revenue growth:
- Substantial Capital Investments and Rate Base Growth: Consolidated Edison plans significant capital investments, projecting approximately $38 billion between 2025 and 2029, with a further commitment of $37.7 billion through 2030. These investments are directed towards grid modernization, enhancing reliability, and facilitating the transition to a cleaner energy future. This substantial outlay is expected to result in an 8.2% annual utility rate base growth target over the 2025-2029 period. As a regulated utility, growth in the rate base directly contributes to increased revenue streams.
- Approved Rate Adjustments: As a regulated entity, Con Edison's revenue is largely determined by rates approved by regulatory bodies. The company has outlined proposed average electric bill increases of 11.4% and gas bill increases of 13.3% beginning in January 2026. These adjustments are designed to support ongoing capital investments and cover the costs of service. A recently approved three-year rate case is also cited as a factor supporting earnings stability through 2028.
- Increased Demand from Electrification and Clean Energy Transition: New York State's ambitious clean energy goals, aiming for 70% renewable electricity by 2030 and 100% carbon-free power by 2040, are significant drivers of increased electricity demand. Con Edison anticipates robust growth in demand from the adoption of electric vehicles (EVs) and the electrification of buildings. Between May 2024 and April 2025, an estimated 44% of new business load requests were for EV charging or electric heating, and new buildings connecting to Con Edison's distribution grid required 20% to 25% more power. As customers transition away from fossil fuels, their increased reliance on the electric grid is expected to boost electricity sales.
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Share Repurchases
- Consolidated Edison announced a $1 billion Accelerated Share Repurchase (ASR) program in March 2023, which was completed by the third quarter of 2023.
- This share repurchase program was primarily funded from a portion of the proceeds from the sale of Con Edison Clean Energy Businesses, Inc.
- Reported share repurchases were $0 in 2025 and 2026 (as of March 10, 2026).
Share Issuance
- Consolidated Edison issued common stock amounting to approximately $1,372 million in fiscal year 2025, $60 million in 2024, and $56 million in 2023.
- In February 2026, the company raised $775.7 million through an equity offering to fund capital investments.
- The company plans to issue up to $1,100 million of common equity in 2026, approximately $1,200 million in 2027, and up to $3,300 million in aggregate during 2028 through 2030.
Outbound Investments
- In 2023, Consolidated Edison completed the sale of its Con Edison Clean Energy Businesses, Inc., which generated approximately $3,927 million in proceeds from business divestments.
Capital Expenditures
- Consolidated Edison projects total capital investments of $38 billion through 2030, with a focus on grid modernization, reliability, and supporting demand growth from electric vehicles and building electrification.
- Actual capital expenditures were $4,764 million in fiscal year 2025, $4,771 million in 2024, and $4,494 million in 2023.
- Expected capital expenditures are $6,595 million for 2026 and $6,759 million for 2027, with an additional $24,339 million in aggregate projected for 2028 through 2030.
Peer Outperformance in Multi-Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ED | Consolidated Edison | 4.6% | 20.2x | 30.5% | 48.5% | 84.6% | — |
| NI | NiSource | 7.0% | 22.7x | 6.4% | 92.3% | 106.1% | +22pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -52.8% | 81.5% | 94.9% | NRG 152% · OKLO 95% · TAC 28% |
| Electric Utilities | 24 | 5.9% | 52.7% | 51.2% | VST 500% · ETR 155% · AEP 78% |
| Multi-Utilities ← | 18 | 7.2% | 58.2% | 50.4% | NI 106% · PNW 102% · MDU 100% |
| Gas Utilities | 10 | 8.7% | 61.5% | 43.1% | ATO 111% · SR 75% · NJR 68% |
| Water Utilities | 11 | 12.4% | 5.3% | -8.5% | WTRG 14% · AWR 5% · AWK 0% |
| Renewable Electricity | 6 | -72.3% | -85.0% | -92.8% | ORA 27% · CWEN 19% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 59.41 |
| Mkt Cap | 31.8 |
| Rev LTM | 15,084 |
| Op Inc LTM | 2,978 |
| FCF LTM | -1,427 |
| FCF 3Y Avg | -1,214 |
| CFO LTM | 3,606 |
| CFO 3Y Avg | 3,130 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.1% |
| Rev Chg 3Y Avg | 4.2% |
| Rev Chg Q | 9.3% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 7.0% |
| Op Inc Chg 3Y Avg | 11.8% |
| Op Mgn LTM | 20.7% |
| Op Mgn 3Y Avg | 20.9% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 26.0% |
| CFO/Rev 3Y Avg | 24.3% |
| FCF/Rev LTM | -7.4% |
| FCF/Rev 3Y Avg | -8.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 31.8 |
| P/S | 2.2 |
| P/Op Inc | 10.8 |
| P/EBIT | 10.0 |
| P/E | 20.1 |
| P/CFO | 9.4 |
| Total Yield | 8.4% |
| Dividend Yield | 3.6% |
| FCF Yield 3Y Avg | -4.5% |
| D/E | 0.9 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.3% |
| 3M Rtn | 2.1% |
| 6M Rtn | 6.0% |
| 12M Rtn | 3.6% |
| 3Y Rtn | 44.8% |
| 1M Excs Rtn | 9.4% |
| 3M Excs Rtn | 2.2% |
| 6M Excs Rtn | 1.2% |
| 12M Excs Rtn | -10.3% |
| 3Y Excs Rtn | -33.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consolidated Edison Company of New York, Inc. (CECONY) | 15,651 | 14,129 | 13,476 | 13,268 | 11,716 |
| Orange and Rockland Utilities, Inc. (O&R) | 1,265 | 1,125 | 1,056 | 1,085 | 941 |
| Con Edison Transmission | 4 | 4 | 4 | 4 | 4 |
| Other | -2 | -2 | -2 | -6 | -7 |
| Clean Energy Businesses | 129 | 1,319 | 1,022 | ||
| Total | 16,918 | 15,256 | 14,663 | 15,670 | 13,676 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consolidated Edison Company of New York, Inc. (CECONY) | 2,812 | 2,593 | 2,177 | 2,135 | 2,460 |
| Orange and Rockland Utilities, Inc. (O&R) | 154 | 161 | 126 | 136 | 150 |
| Other | -5 | -76 | 865 | -5 | -4 |
| Con Edison Transmission | -26 | -8 | -9 | -10 | -16 |
| Clean Energy Businesses | 37 | 368 | 236 | ||
| Total | 2,935 | 2,670 | 3,196 | 2,624 | 2,826 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consolidated Edison Company of New York, Inc. (CECONY) | 69,316 | 65,650 | 61,600 | 57,445 | 52,655 |
| Orange and Rockland Utilities, Inc. (O&R) | 4,420 | 4,060 | 3,675 | 3,511 | 3,292 |
| Con Edison Transmission | 488 | 470 | 414 | 314 | 249 |
| Other | 379 | 382 | 642 | 571 | 366 |
| Clean Energy Businesses | 0 | 7,224 | 6,554 | ||
| Total | 74,603 | 70,562 | 66,331 | 69,065 | 63,116 |
Price Behavior
| Market Price | $121.44 | |
| Market Cap ($ Bil) | 44.8 | |
| First Trading Date | 01/02/1970 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $108.66 | $108.27 |
| DMA Trend | up | up |
| Distance from DMA | 11.8% | 12.2% |
| 3M | 1YR | |
| Volatility | 18.5% | 17.9% |
| Downside Capture | -72.20 | -71.17 |
| Upside Capture | -3.69 | -31.91 |
| Correlation (S&P 500) | -17.0% | -33.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.98 | -0.41 | -0.43 | -0.55 | -0.50 | -0.18 |
| Up Beta | -1.44 | -0.50 | -0.22 | -0.45 | -0.45 | -0.07 |
| Down Beta | -1.09 | -1.42 | -1.28 | -0.50 | -0.42 | -0.29 |
| Up Capture | 23% | 21% | -5% | -35% | -21% | -1% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 21 | 33 | 66 | 132 | 399 |
| Down Capture | -191% | -52% | -59% | -100% | -133% | -100% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 22 | 31 | 60 | 119 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ED | |
|---|---|---|---|---|
| ED | 28.2% | 17.9% | 1.22 | - |
| Sector ETF (XLU) | -0.5% | 15.7% | -0.23 | 66.0% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | -32.8% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | -5.4% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -3.2% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 41.3% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | -21.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ED | |
|---|---|---|---|---|
| ED | 13.6% | 18.9% | 0.57 | - |
| Sector ETF (XLU) | 8.2% | 17.4% | 0.32 | 75.9% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 11.0% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 10.5% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 1.5% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 48.1% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | -1.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ED | |
|---|---|---|---|---|
| ED | 8.9% | 21.1% | 0.37 | - |
| Sector ETF (XLU) | 9.3% | 19.3% | 0.41 | 82.2% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 28.3% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 10.4% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 3.0% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 54.4% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 0.1% |
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Earnings Returns History
Updated 11/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -0.9% | -0.5% | -0.7% |
| 5/7/2026 | -0.1% | 1.5% | -1.1% |
| 2/19/2026 | -1.9% | -1.0% | -2.2% |
| 11/6/2025 | 1.6% | 4.1% | -0.4% |
| 8/7/2025 | -0.5% | -1.2% | -7.2% |
| 5/1/2025 | -2.2% | -4.3% | -6.9% |
| 2/20/2025 | 2.6% | 4.3% | 12.6% |
| 11/7/2024 | 0.6% | -1.6% | -2.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 12 |
| # Negative | 11 | 8 | 12 |
| Median Positive | 1.5% | 1.8% | 4.4% |
| Median Negative | -0.9% | -1.0% | -1.7% |
| Max Positive | 3.9% | 5.5% | 12.6% |
| Max Negative | -2.4% | -4.3% | -7.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -0.9% | -0.5% | -0.7% |
| 5/7/2026 | -0.1% | 1.5% | -1.1% |
| 2/19/2026 | -1.9% | -1.0% | -2.2% |
| 11/6/2025 | 1.6% | 4.1% | -0.4% |
| 8/7/2025 | -0.5% | -1.2% | -7.2% |
| 5/1/2025 | -2.2% | -4.3% | -6.9% |
| 2/20/2025 | 2.6% | 4.3% | 12.6% |
| 11/7/2024 | 0.6% | -1.6% | -2.0% |
| 8/1/2024 | 1.6% | 0.3% | 2.2% |
| 5/2/2024 | 0.3% | 3.0% | -0.8% |
| 2/15/2024 | -1.0% | -0.3% | 0.9% |
| 11/2/2023 | -0.1% | -1.0% | 3.0% |
| 8/3/2023 | -1.1% | 0.1% | -1.3% |
| 5/4/2023 | 1.0% | 0.4% | -4.9% |
| 2/16/2023 | 1.7% | -0.4% | 5.7% |
| 11/3/2022 | 1.5% | 2.5% | 10.7% |
| 8/4/2022 | -0.2% | 1.1% | 1.9% |
| 5/5/2022 | 1.4% | 1.8% | 6.8% |
| 2/17/2022 | 3.9% | 5.5% | 10.0% |
| 11/4/2021 | 2.5% | 1.7% | 7.7% |
| 8/5/2021 | 0.3% | 2.6% | 2.3% |
| 5/6/2021 | 0.3% | 1.8% | 0.3% |
| 1/21/2021 | -0.5% | 1.5% | -0.6% |
| 11/5/2020 | -2.4% | 1.0% | -5.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 12 |
| # Negative | 11 | 8 | 12 |
| Median Positive | 1.5% | 1.8% | 4.4% |
| Median Negative | -0.9% | -1.0% | -1.7% |
| Max Positive | 3.9% | 5.5% | 12.6% |
| Max Negative | -2.4% | -4.3% | -7.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Recent Forward Guidance
Updated 11/5/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | Reported | 6.05 | 6.1 | 6.15 | 0.0% | Affirmed | Guidance: 6.1 for 2026 | |
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | Reported | 6 | 6.1 | 6.2 | 0 | Affirmed | Guidance: 6.1 for 2026 | |
Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | Reported | 6 | 6.1 | 6.2 | 0.0% | Affirmed | Guidance: 6.1 for 2026 | |
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Investments | Reported | 6.59 Bil | ||||||
| 2026 Adjusted EPS | Reported | 6 | 6.1 | 6.2 | 8.0% | Higher New | Actual: 5.65 for 2025 | |
| 2026 Adjusted EPS Growth | Reported | 6.0% | 6.5% | 7.0% | ||||
| 2027 Capital Investments | Reported | 6.76 Bil | ||||||
| 2028 Capital Investments | Reported | 24.34 Bil | ||||||
Insider Activity
Updated 10/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Miller, Joseph | VP & Controller | Direct | Buy | 9162026 | 105.81 | 1 | 111 | 557,213 | Form |
| 2 | Miller, Joseph | VP & Controller | Direct | Buy | 6162026 | 106.87 | 1 | 110 | 557,497 | Form |
| 3 | Miller, Joseph | VP & Controller | Direct | Buy | 3172026 | 115.55 | 1 | 109 | 598,104 | Form |
| 4 | Donnley, Deneen L | SVP and General Counsel | Direct | Sell | 3132026 | 113.94 | 1,922 | 218,993 | 3,697,694 | Form |
| 5 | Mulrow, William J | Direct | Sell | 3022026 | 112.81 | 7,912 | 892,553 | 1,236,075 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Miller, Joseph | VP & Controller | Direct | Buy | 9162026 | 105.81 | 1 | 111 | 557,213 | Form |
| 2 | Miller, Joseph | VP & Controller | Direct | Buy | 6162026 | 106.87 | 1 | 110 | 557,497 | Form |
| 3 | Miller, Joseph | VP & Controller | Direct | Buy | 3172026 | 115.55 | 1 | 109 | 598,104 | Form |
| 4 | Donnley, Deneen L | SVP and General Counsel | Direct | Sell | 3132026 | 113.94 | 1,922 | 218,993 | 3,697,694 | Form |
| 5 | Mulrow, William J | Direct | Sell | 3022026 | 112.81 | 7,912 | 892,553 | 1,236,075 | Form | |
| 6 | Miller, Joseph | VP & Controller | Direct | Buy | 12192025 | 97.68 | 1 | 104 | 358,015 | Form |
| 7 | Killian, John F | Direct | Sell | 12122025 | 96.89 | 2,276 | 220,522 | 3,745,851 | Form |
Investor Activity (13F)
Updated Nov 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
ED Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive based on a highly visible, multi-year capital investment plan driving top-tier rate base growth. The company is executing well against this plan, which underpins earnings. This is balanced by a significant regulatory risk related to a $1,016 million asset, which prevents a higher conviction view until resolved.
STOCK ARCHETYPE
Regulated UtilityRevenue = (Regulated Rate Base x Allowed Rate of Return) + Approved Pass-Through Costs Growth in the regulated rate base through approved capital expenditures, and successfully earning the allowed Return on Equity (ROE) set by regulators.
INVESTMENT THESIS
Evidence suggests yes. The company has a clear plan to invest billions, translating directly into regulator-approved earnings growth.
- The company targets mid-8% rate base growth, supported by a secured 9.4% allowed ROE.
- Planned utility capital spending is set to rise from $6,533 million in 2026 to $8,571 million by 2030.
- Latest-quarter revenue growth accelerated to 13.2% year-over-year, up from 6.2% in the prior quarter.
- The company affirmed its 2026 Adjusted EPS guidance with a new midpoint of 6.1.
PRIMARY RISK
An ongoing state audit into tax accounting has created a $1,016 million regulatory asset for the CECONY subsidiary. An adverse ruling could force a material write-off, impairing the balance sheet.
- CECONY has a $1,016 million income tax regulatory asset as of June 30, 2026.
- The NYSPSC is conducting a focused audit into an 'inadvertent understatement' of income taxes.
- The company is currently unable to estimate the amount or range of possible loss from this matter.
- Trailing-twelve-month free cash flow is negative at $-862 million, limiting financial flexibility.
| KPI | Status | Rationale |
|---|---|---|
| Rate Base Growth | The company targets mid-8% rate base growth. - Accelerating | The company's targeted rate base growth is underpinned by a multi-year plan of accelerating capital investment. Planned utility capital spending is set to rise from $6,533 million in 2026 to $8,571 million by 2030, providing high visibility into the primary driver of future earnings. |
| Capital Expenditures | Capital expenditure is 27.2% of trailing-twelve-month revenue. - Accelerating | The company is executing a significant, long-term ramp in capital spending. According to a June news report, the CEO highlighted the need to upsize grid equipment to handle longer heat waves, which supports the rationale for this increased investment cycle. |
| CECONY Electric Peak Demand Forecast (5-Year Avg Annual Increase) | 0.7 percent (As of January 2026) | Signals the expected growth in electricity demand in the core New York City market, which drives the need for capital investment in the grid. |
| Total Distribution-Level Distributed Generation (DG) Capacity | (End of 2025) | Measures the growth of competitive, customer-sited energy resources like solar. A rapid increase could eventually impact the utility's required scale, though for now it primarily drives the need for grid modernization investment. |
Visible Growth vs. Balance Sheet Risk
BULL VIEW
Bulls focus on the locked-in, multi-year capital plan driving mid-8% rate base growth, which directly translates to earnings and was validated by the recent positive market reaction to results.
CORE TENSION
Can the highly visible earnings growth from a $6,533 million 2026 capital plan outweigh the risk of a material write-off of a $1,016 million regulatory asset?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management is executing on its financing plans and affirmed guidance, while the regulatory risk, though material, remains a potential future event.
BEAR VIEW
Bears focus on the $1,016 million regulatory asset at risk. They argue a potential write-off, combined with negative free cash flow, creates a fragile financial situation not reflected in the price.
| Timeline | Event & Metric To Watch |
|---|---|
10/20/2026 - 11/3/2026 | Peer Earnings Signal Headwinds Watch: Peer commentary on regulatory challenges, cost inflation, and capital spending needs impacting the utility sector. |
November 1, 2026 | Steam Rate Case Outcome Watch: The final NYSPSC order on the steam rate case and the approved revenue increase amount. |
November 1, 2026 | Steam Rate Increase Effective Watch: CECONY's requested steam rate increase of $66 million is scheduled to become effective. |
11/2/2026 | Peer Earnings Reports Watch: Peers Public Service Enterprise (PEG) and Exelon (EXC) are scheduled to report earnings. |
11/3/2026 | PPL Earnings Report Watch: Peer PPL (PPL) is scheduled to report earnings. |
11/4/2026 | Company Earnings Update Watch: Updates on the trajectory of aged receivables, the free cash flow outlook, and any new developments in regulatory investigations. |
11/4/2026 | Company Earnings Report Watch: Consolidated Edison is scheduled to report its next quarterly earnings. |
January 2027 | Electric Rate Increase Watch: CECONY's electric rate plan provides for a rate increase of $473 million. |
January 2027 | Gas Rate Increase Watch: CECONY's gas rate plan provides for a rate change of $170 million. |
No set date | Adverse Regulatory Ruling Watch: Any NYSPSC filing, order, or announcement related to the focused operations audit or the weld investigation. |
| Date | Event | Stock Impact |
|---|---|---|
2026-08-06 | Affirmed Full Year Guidance Details: Alongside its Q2 earnings, the company affirmed its 2026 Adjusted EPS guidance with a new midpoint of 6.1, representing no change. | -0.3% $107.44 -> $107.10 |
2026-08-06 | Reported Second Quarter Earnings Details: The company reported second quarter 2026 net income for common stock of $308 million or $0.83 a share, beating consensus estimates of $0.74 per share. | -0.3% $107.44 -> $107.10 |
2026-07-02 | Elected New Board Member Details: The company announced its Board of Directors elected Tali Farhadian to the board, effective July 1, 2026. | +0.9% $110.05 -> $111.03 |
2026-06-23 | CEO Signals Grid Expansion Details: The CEO stated the utility must upsize parts of its grid equipment to withstand longer and hotter heat waves, signaling future capital investment needs. | +3.6% $106.05 -> $109.82 |
2026-05-08 | Announced Equity Offering Program Details: The company announced a $2 billion At-The-Market (ATM) equity offering program pursuant to which it may sell its common shares. | -0.2% $104.65 -> $104.47 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: ED trades at roughly 16% annualized options-implied volatility versus about 13% for the S&P 500 (1.2x the market), around the 25th percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
EXC - Exelon
Scale and CapexExelon offers greater scale, with revenue 1.4 times that of Consolidated Edison, and deploys significantly more absolute capital for grid modernization projects.
PEG - Public Service Enterprise
Operational EfficiencyPublic Service Enterprise demonstrates superior cost control, with a trailing-twelve-month operating margin of 23.1% versus 18.4% for Consolidated Edison.
A regulated infrastructure play on the electrification and grid modernization of the New York metropolitan area.
Consolidated Edison is a pure-play regulated utility whose earnings are driven by massive, multi-year capital investments approved by state regulators. The company's growth is not about selling more energy, but about expanding its rate base by spending billions to upgrade and reinforce its delivery systems for reliability and to support clean energy goals. An analyst note in August highlighted the company's targeted mid-8% rate base growth and secured 9.4% allowed ROE as underpinning visible earnings growth.
Constructive outcomes in rate cases, on-schedule execution of multi-billion dollar capital plans, and regulatory approval for new clean energy-related grid investments.
Adverse regulatory rulings, such as rate case denials, penalties, or required write-offs of regulatory assets. A major, prolonged service outage could also trigger negative regulatory action.
Short-term fluctuations in commodity (natural gas, power) prices, as these are generally passed through to customers and do not affect company profits.
Repricing Catalyst
The execution of its 5-year, multi-billion dollar capital expenditure plan and the successful translation of these investments into higher rates through upcoming regulatory proceedings.
Consolidated Edison Company of New York, Inc. (CECONY)
$16.3B TTM (92% of Total) · 19% MarginWhat It Is
Provides electric service to ~3.7 million customers in New York City and most of Westchester County; delivers gas to ~1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester; and operates the largest U.S. steam distribution system for ~1,490 customers in Manhattan.
Who Pays & How
Residential and commercial customers in its designated New York service area pay for the delivery of electricity, gas, and steam. They pay CECONY because it is the state-regulated monopoly provider of this critical infrastructure.
Competition
Orange and Rockland Utilities, Inc. (O&R)
$1.4B TTM (8% of Total) · 13% MarginWhat It Is
Provides electric service to approximately 0.3 million customers and gas service to over 0.1 million customers in southeastern New York and northern New Jersey.
Who Pays & How
Residential and commercial customers in its service territory in New York and New Jersey pay for regulated electric and gas delivery. They are captive customers within the monopoly service area.
Competition
Con Edison Transmission
$4M TTM (0% of Total) · -600% MarginWhat It Is
Develops and invests in electric transmission projects and owns interests in both electric and gas assets through joint ventures, such as New York Transco.
Who Pays & How
This segment's revenue is derived from its investments in regulated transmission assets, which are ultimately paid for by electricity customers through rates.
Competition
Consolidated Edison — Investor Video Playlist
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Multi-Utilities Resources |
| Public Utilities Fortnightly |
| Power Magazine |
| Energy Central |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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